Marico Limited (MARICO) Stock - Complete Technical Analysis - Oct 23, 2024

Technical Analysis of Marico Limited: Support, Resistance, and Trading Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. In this analysis of Marico Limited stock, we observe current trading at 656.60, with notable patterns of indecision, characterized by a Doji and Spinning Top, suggesting market uncertainty. Recent price action shows the stock has seen a fluctuation between highs of 681.00 and lows of 648.65, indicating volatility.

Support levels are established at around 647.77, with additional support at 600.13. Resistance levels appear at 683.63 and 728.27. With the stock 8.79% away from its 52-week high of 719.85, it has also climbed 35.02% from its low of 486.3, suggesting a strong recovery trajectory.

Key technical indicators like the Average Directional Index are indicating a weak trend, and the RSI suggests oversold conditions. The Stochastic and MACD indicators hint at a potential for upward movement, while momentum remains negative, signaling caution.

Traders should watch for breakouts above the pivot level at 680.63 for potential upward momentum, but they should also remain cautious of resistance. The current trading environment presents both challenges and opportunities, making careful analysis vital for informed trading decisions.